Last week I posted about a man by the name of Thomas Doyle who landed himself in Federal Court for fraud. Doyle deceived an investor regarding the worth of a 19th century oil painting by Jean-Baptiste-Camille Corot. However, a recent predicament facing Federal investigators can be viewed as more devastating to the art world.
Authorities are looking into if whether a plethora of artworks, including paintings and drawings by Modernists such as Jackson Pollock and Robert Motherwell, are instead forgeries. These pieces have been sold for years by the highest art dealers in the country, even going for as much as $17 million. The works came to market through independent dealer Julian Weismann, and Glafira Rosales (who sold them through Anna Freedman, the president of Knoedler & Company). Both parties’ lawyers have made statements that their clients had “never intentionally or knowingly sold artwork she knew to be forged.”
The drama escalates; earlier today London collector Pierre Lagrange, who bought “Untitled 1950” by Pollock for $17 million in 2007, sued the gallery and Ms. Freedman. He argues the work is a forgery, and through forensic analysis has determined that the paints in the work had not been invented until after Pollock’s death.
As this continues to play out, this brings up a very interesting topic for discussion. The authenticity of a famous piece is often obscure and experts are constantly called in to debate, then ease (or shatter) the hearts of students, buyers, and art historians worldwide. Thus, when buying a piece for $17 million, how can one really be sure that the work is actully what is being advertised, unless buying from the artist him/herself? Furthermore, if you buy it from the artist directly, who is to say this piece will actually turn out to being a wise investment? Unfortunately, buying art is often about blindly putting your faith where your money is. Hopefully this matter is resolved smoothly and painfully, because being out $17 million doesn’t look so well in terms of business and your wallet.
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